Tuesday, September 18, 2012

5 Steps to Finding Growth Opportunities

Most companies participate in mature categories,from a growth standpoint. Fighting the category trend to grow the brand is difficult in a mature category. Uncovering growth opportunities will be done so in very different ways than opportunities for brands in a growth category.  

The careful balance and application of five marketing tools can provide success for a business. The visual below applies to both B2B or B2C corporations and highlights the five steps companies must consider for planning purposes: 5 steps to unlocking growth

  1. Market Assessment – What type of category are we in and how do we compare to our competition
  2. Consumer Insight – Do we deeply understand our customer and consumer
  3. Pricing – How do we maximize value and proactively manage this important growth driver
  4. Innovation – How do we improve our current product offering to satisfy customer needs
  5. Activation – How do we bring our brand to life with our consumer

This process is straightforward, and it works.  A couple of years ago, I participated in the overhaul of a consumer brand in household product category that had not seen growth for over 15 years due to a declining category dynamic.  The current approach to the brand was textbook marketing for a growth business and the results were dismal.   After careful analysis and development of the types of programs that were appropriate for a declining category, our brand quickly started to grow again in double digits.  

I bring this model to clients and speak on this topic because it is a simple and powerful way to uncover opportunities to drive growth.


Jim said...

Interesting. I have a similiar process. Two things I would add are customers since it is always prudent to understand the channel dynamics of going to market and I now have included community thanks to social media. Just my thoughts this morning.

Jordan Lei said...

This is really interesting. It's something new and innovative at the same time too. I definitely learned something new today.